Rush Enterprises Inc., San Antonio, Texas, whose operations include the largest network of Peterbilt heavy-duty truck dealerships in North America, said its gross revenues for the period totaled $222.8 million,
as compared with gross revenues of $224.9 million reported for the third quarter last year.
Sales of new trucks were down this quarter compared to the third quarter of 2002, due to a wave of pre-buys in 2002 that were prompted by new emissions laws that went into effect on Oct. 1, 2002.
Income from continuing operations was $3.2 million during the third quarter of 2003 compared to $3.3 million in the third quarter of 2002.
The company's heavy duty truck segment recorded revenues of $211.2 million in the third quarter of 2003, compared to $214.2 million in the third quarter of 2002. The company delivered 1,307 new trucks and 684 used trucks during the third quarter of 2003 compared to 1,587 new trucks and 537 used trucks for the same period in 2002.
In announcing the results, W. Marvin Rush, chairman and chief executive officer of Rush Enterprises, said, "While truck sales declined from the third quarter of last year, our sales were up 32% compared to the second quarter of this year. Furthermore, we are optimistic about the future, due to the unmistakable upturn in the overall economy. Historically, an accelerating economy has created increased demand for heavy-duty trucks and we believe that this cycle will be no different.
"We are well positioned to benefit from this upturn, due to the fact that we have increased our dealership locations from 22 to 39, streamlined our expense structure and strengthened our back-end operations."